THE FUTURE OF FINANCE: Check out the 60 fintech startups VCs are betting will be breakout hits
Hello everyone! Welcome to this weekly roundup of Business Insider stories from executive editor Matt Turner. Please subscribe to Business Insider here to get this newsletter in your inbox every Sunday.
Hello!The financial-services industry is changing at a rapid clip, with fintechs addressing people's needs among the big winners in the wake of the coronavirus, as Dan DeFrancesco and Shannen Balogh reported this week.Advertisement
Robinhood, which has seen massive growth as market volatility continues, is now valued at $8.3 billion after its most recent funding round in May. Meanwhile, other personal
The response was impressive, with 60 fintechs nominated. Overall, investors seem more bullish on the future of startups catering to businesses, not consumers, as more than 63% of the selections were B2B.You can read both lists here: Investors say these 38 fintechs are the next generation of breakout B2B stars, following in the footsteps of Stripe and PlaidAdvertisement
Trump's most important 2016 donor is sitting out 2020Advertisement
Dave Levinthal reports:
Hedge fund billionaire Robert Mercer and his daughter Rebekah ranked among President Donald
You can read that story in full here:Trump's most important 2016 donor is sitting out 2020 In other politics news:Advertisement
- Tom LoBianco had the inside story on Jared Kushner's call to the CEOs of AT&T, Verizon, & T-Mobile after the Trump campaign was blocked from sending text messages to people who hadn't signed up for them.
- Dave reported that Republican Party officials hid COVID-19 mask purchases by labeling them "building maintenance" in federal disclosures.
- And Elvina Nawaguna reported that Presidential inaugurations are prime time for DC schmoozing. But the coronavirus pandemic might mean no fancy balls, parades or big swampy parties come January 2021.
The transformation of the real estate business
We've written at length in recent months about the future of the office, as the coronavirus pandemic forces employers to rethink their needs and landlords to reimagine their model. This week:
- Dan Geiger reported that 20% of WeWork's New York space is sitting empty. He took a look at key vacancies the city's biggest office tenant is trying to fill.
- Alex Nicoll and Rebecca Ungarino reported that Wells Fargo is ditching a 750-person WeWork space, while Citi inked a deal with the flex-office giant far from a big city. They took a look at how financial firms are retooling their real estate.
- Reed Alexander reported that while Wall Street is starting to return to the office, not everyone is heading back. He took a look at which finance jobs are the most likely to remain virtual.
- Dan reported that Neiman Marcus' shocking exit from glitzy Hudson Yards strikes a huge blow to the $25 billion project. The departure could unravel one of the most expensive mega-malls in US history.
- Meanwhile, the $98 billion cold-storage sector is at a tipping point, per Dan and Alex. Investors are piling in as online grocery deliveries surge.
- And logistics startup Bond has teamed up with SoftBank-backed REEF Technology to bring nano-warehouses to parking lots across the US. Alex reported on how they're building the distribution hubs of the future.
Separately, I want to highlight a couple of things before I go:
- We're seeking nominations for the 2020 edition of our annual list of Rising Stars of Wall Street. Here's how to apply.
- We're speaking with YouTube and Instagram influencers with millions of followers about how they're adapting their businesses during the pandemic and earning 6-figure incomes. Sign up for the digital live event on August 5 here.
Below are headlines on some of the stories you might have missed from the past week.— MattAdvertisement
Inside the rise of Ram Sundaram, the leader of a secretive Goldman Sachs desk that's minting billions by designing some of the bank's most imaginative — and controversial — trades Bernstein says buy these 13 dividend-rich stocks built to capitalize on a trend not seen in 65 yearsAdvertisement
Insiders at Complex Networks said the company was built on Black culture but that the sales team 'whitewashed' advertising deals for brands, replacing Black people with white people in pitch decks In March, Trump announced Google would build a coronavirus testing tool. Some employees working on it describe exhausting conditions, stress, and tears as they work around-the-clock to pull it off.Advertisement